Findings from University of Melbourne Provide New Insights into Risk Management (The Value of Performance Weights and Discussion in Aggregated Expert…

Findings from University of Melbourne Provide New Insights into Risk Management (The Value of Performance Weights and Discussion in Aggregated Expert Judgments)

By a News Reporter-Staff News Editor at Insurance Weekly News -- A new study on Risk Management is now available. According to news reporting from Parkville, Australia, by VerticalNews journalists, research stated, "In risky situations characterized by imminent decisions, scarce resources, and insufficient data, policymakers rely on experts to estimate model parameters and their associated uncertainties. Different elicitation and aggregation methods can vary substantially in their efficacy and robustness."

The news correspondents obtained a quote from the research from the University of Melbourne, "While it is generally agreed that biases in expert judgments can be mitigated using structured elicitations involving groups rather than individuals, there is still some disagreement about how to best elicit and aggregate judgments. This mostly concerns the merits of using performance-based weighting schemes to combine judgments of different individuals (rather than assigning equal weights to individual experts), and the way that interaction between experts should be handled."

According to the news reporters, the research concluded: "This article aims to contribute to, and complement, the ongoing discussion on these topics."

For more information on this research see: The Value of Performance Weights and Discussion in Aggregated Expert Judgments. Risk Analysis, 2018;():. (Wiley-Blackwell - www.wiley.com/; Risk Analysis - onlinelibrary.wiley.com/journal/10.1111/(ISSN)1539-6924)

Our news journalists report that additional information may be obtained by contacting A.M. Hanea, Centre of Excellence for Biosecurity Risk Analysis, University of Melbourne, Parkville, VIC, Australia. Additional authors for this research include M.F. McBride, M.A. Burgman and B.C Wintle.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1111/risa.12992. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

Keywords for this news article include: Parkville, Risk Management, Australia and New Zealand.

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